NH Foods Ltd.
2282・Prime Market・Foods
Business
NH Foods Ltd. is one of Japan's largest comprehensive food company groups, founded in 1942. The company is composed of NH Foods Ltd. and 65 subsidiaries, 5 affiliated companies, and 2 joint ventures, and operates three segments: processed foods such as ham and sausages (Processed Foods Division), domestic and overseas meat production and sales (Meat Division), and professional baseball operations and ballpark management (Ballpark Business). The company has built an integration system that handles everything in-house, from breeding and production to processing, manufacturing, distribution, and sales, and maintains a broad business base both domestically and overseas. Its main customers include domestic and overseas food retail, food service, and business-use channels, as well as professional baseball fans and visitors to Hokkaido Ballpark F Village.
Business Model
Built a vertically integrated value chain spanning production and raising (pigs and chickens), meat processing, ham and sausage manufacturing, and nationwide distribution and sales through domestic sales subsidiaries. The Meat Division is the core segment, accounting for approximately 71% of net sales, with profitability driven by the Australian beef business and the company's ability to pass through pricing on imported meat. The Processed Foods Division creates added value through branded products such as "Shaumessen." The Ballpark business achieves a high profit margin (17.5%) through a composite revenue model combining ticket sales, merchandise, and food and beverage.
Company Strengths
The company has built an integration system that covers everything from production and breeding to processing, manufacturing, distribution, and sales within its own group. It has multiple domestic manufacturing subsidiaries and nationwide sales subsidiaries, as well as overseas production and sales bases in Australia, North America, and ASEAN. This vertically integrated structure is the source of its pricing power and stable supply capability, and the Meat Business Division's operating profit reached ¥61,296 million, up 80.5% year on year.
"Schau Essen" is a flagship brand aiming for an estimated retail-basis scale of ¥90 billion, and performed solidly in FY2026 (ending March 2026) with sales at 102% of the previous year. The ratio of branded beef products such as "Sakurahime," "Mugikomachi," and "Omugi-gyu ANGUS" reached 66.1%, exceeding the medium-term management plan target of 60%. These brand assets form a profit base that does not depend on price competition.
The Ballpark Business, centered on "ES CON FIELD HOKKAIDO" which opened in 2023, recorded a record-high 4.66 million visitors in FY2026 (ending March 2026), achieving sales of ¥31,027 million and an operating profit margin of 17.5%. In addition to a composite revenue model of tickets, goods, and food and beverage, attracting visitors on non-game days through off-season events has contributed to revenue stability.
ENVALITH's Perspective
Performance Trend
Net sales expanded for five consecutive fiscal years, from ¥1,174,389 million in FY2022 (ended March 2022) to ¥1,457,391 million in FY2026 (ending March 2026). Profit attributable to owners of parent declined to ¥16,637 million in FY2023 (ended March 2023) before recovering to ¥35,066 million in FY2026 (ending March 2026), up 31.9% year on year. The business profit margin for FY2026 (ending March 2026) improved to 4.7% (from 3.1% in the prior year). Key earnings drivers included external factors such as improved market conditions for Australian beef and rising domestic chicken prices, as well as company-specific factors including the promotion of sales measures by the Meat Business Division and increased visitor numbers at the ballpark business. For FY2027 (ending March 2027), the company forecasts net sales of ¥1,500,000 million and business profit of ¥61,000 million, though a reversal of the meat business's profit gains is expected to weigh on overall company profit.
Growth Strategy
Toward the final year of the Medium-Term Management Plan 2026, the company is promoting recovery in the processed foods business, stability in the meat business, and deepening of the ballpark business.
Continued promotion of measures to expand sales volume and improve product mix for core products such as "Schau Essen" and "Chuka Meisai". Aiming to recover sales and profit in the processed foods business through stabilization of production volume at the North American subsidiary. The operating income target for the Processed Foods Business Division for FY2027 (ending March 2027) is ¥12,000 million (up 67.2% year on year).
Against a backdrop of rising unit prices for Australian beef and imported meat in general, sales volume is expected to trend favorably, while aiming to secure stable profits through appropriate price pass-through in the sales division in response to rising labor costs, logistics costs, and procurement costs. The net sales target for the Meat Business Division for FY2027 (ending March 2027) is ¥1,045,000 million.
Established the "Sports & Entertainment Business Division" in April 2026 to comprehensively promote sports-related businesses. Aiming to improve visitor satisfaction and strengthen sustainable customer attraction through the introduction of large-scale LED vision systems inside the ballpark. The net sales target for FY2027 (ending March 2027) is ¥32,000 million.
Continuing shareholder returns aimed at raising DOE to approximately 3% and maintaining a dividend payout ratio target of 40% or more during the medium-term management plan period. In FY2026 (ending March 2026), the company acquired ¥30,007 million of treasury stock and cancelled 4,850,004 shares in April 2026. The dividend forecast for FY2027 (ending March 2027) is ¥180 per share (an increase from ¥160 in the previous period).
In April 2025, the Overseas Business Division was abolished, and all overseas subsidiaries and affiliated companies under its umbrella were transferred to the Processed Foods Business Division and the Meat Business Division. The transition to a two-division structure has achieved faster decision-making and more efficient group management. Organizational preparations for the final year of the Medium-Term Management Plan 2026 have been completed.
Last updated: July 19, 2026